Annual Report 2010-2011 - Gammon India

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VSPL, a subsidiary of the Company, leases land from Vizag Port Trust (‘VPT’) under non-cancellable operating lease agreements and temporary housing from others under cancellable operating lease agreements. Total rental expense under non-cancellable operating leases was ` 0.64 Crores (Previous year ` 0.62 Crores) and under cancellable operating leases was ` 0.09 Crores (Previous year ` 0.08 Crores) which has been disclosed as lease rentals in the Profit and Loss Account. A detailed break up of amount payable to leasing companies is as follows: Particulars Amount payable to Leasing Companies 2010-2011 A NNUAL R EPORT I 2010/11 (` in Crores) Amount payable to Leasing Companies 2009-2010 Within 1 Year 5.52 6.81 Between 1 and 5 Years 23.17 31.55 Beyond 5 Years 83.69 110.49 30. Joint Venture: Details of Joint Ventures entered into by the Company: Sr. No Name of Joint Venture Description of Interest % of involvement 1. Gammon Srinivas Jointly Controlled Operation 80.00% 2. BBJ GIL Jointly Controlled Operation 30.50% 3. JAGER GIL Jointly Controlled Operation 50.00% 4. Jaeger Gammon Jointly Controlled Operation 50.00% 5. Patel Gammon Jointly Controlled Operation 49.00% 6. Gammon Patel Jointly Controlled Operation 50.00% 7. Hyundai Gammon Jointly Controlled Operation 49.00% 8. Jaeger Gammon Jointly Controlled Operation 50.00% 9. Gammon BBJ Jointly Controlled Operation 50.00% 10. BBJ Gammon Jointly Controlled Operation 49.00% 11. Gammon Technofab (Transmission & Distribution of Electricity & Water) Jointly Controlled Operation 70.00% 12. Gammon Limak (Vishnugod Pipalnote HEPP) Jointly Controlled Operation 51.00% 13. Gammon Tensacuai Jointly Controlled Operation 80.00% 14. Gammon Construtora Tensacuai Jointly Controlled Operation 60.00% 15. Lencon Gammon Jointly Controlled Operation 51.00% 16. Aydeniz Gammon Jointly Controlled Operation 30.00% 17. Gammon Aydinar (Rammam) Jointly Controlled Operation 50.00% 18. GIL Simplex (Khongsang Imphal) Jointly Controlled Operation 51.00% 19. GIL Simplex (Dholakal Tupul) Jointly Controlled Operation 51.00% 20. GIL Marti (Civil Work Sainj HEP) Jointly Controlled Operation 51.00% 21. GIL KCT (Rupiasagar Kasiabara HEP) Jointly Controlled Operation 67.00% 22. Gammon CMC (DFCC Eastern Corridor) Jointly Controlled Operation 65.00% 23. Sumitomo corp, Gammon, C & C Const. Limited, Sadbhav Engg. Limited Jointly Controlled Operation 15.00% 24. Gammon Atlanta (Ghana Road Project) Jointly Controlled Operation 75.00% 25. Gammon Yuksel (Greenfield Airport, Sasan) Jointly Controlled Operation 51.00% 26. Gammon Mosmetrostroy (Bangalore Metro) Jointly Controlled Operation 49.00% 27. Gammon Cadagua (Guwahati WS Pkg. III) Jointly Controlled Operation 51.00% 28. Gammon Pratibha (Hogenkkal WS) Jointly Controlled Operation 51.00% 29. Gammon Ansaldo (Kakrapara BOT Pkg. I) Jointly Controlled Operation 51.00% 30. Gammon Marti Jointly Controlled Operation 60.00% 31. Afghanistan ATSL AEPC Consortium Jointly Controlled Operation 75.00% 32. Gammon Pratibha (BWSSB) Jointly Controlled Operation 70.00% 33. Gammon Atlanta Jointly Controlled Operation 50.00% 34. Gammon BBJ Jointly Controlled Operation 50.00% 35. GIL Archirodon Jointly Controlled Operation 98.50% 36. Gammon JMC Jointly Controlled Operation 70.00% 37. Gammon OSE Jointly Controlled Operation 50.00% 38. OSE GIL Jointly Controlled Operation 50.00% 39. Gammon Progressive Jointly Controlled Operation 50.00% 145
146 31. Joint venture and operations in Oman: (a) There are claims against the Joint venture not acknowledged as debts of OR ` 0.84 Million (` 9.85 Crores) in respect of which the lower courts have ruled in favour of the claimant. The Management is hopeful of obtaining relief from the higher courts in the matter. (b) The joint venture has carried out certain works including operations and maintenance of the project based on work instructions received from the consultant/client which is subject to certification and acceptance by the client on account of certain disputes with the client which the management is hopeful of resolving in favour of the Joint venture. The total value of such works being carried as part of the job estimates is OR 0.91 Million (` 10.67 Crores). (c) The banking facilities including fund and other non-fund based borrowings utilized by the Joint Venture entity which are in the name of the Company but have been accounted in the books of Joint Venture. The borrowings have been guaranteed by the Company and are secured by assignment of the Joint Venture contract receivable and Joint registration and insurance of all equipments and corporate guarantees of Gammon India Limited of RO 1.25 Million (` 14.66 Crores). The total of such borrowings as at 31st March, 2011 is RO 169,337 (` 1.99 Crores) [Previous year RO 4,002,265 (` 46.99 Crores)] which consists of Fund based (RO 208,554) (` 2.44 Crores) [Previous year RO 3,628,768 (` 42.61 Crores)] and Non-fund based RO 377,890 (` 4.43 Crores) [Previous year RO 373,498 (` 4.39 Crores)]. (d) Transactions of Oman Branch and the accounting effect of the Gammon Al Matar Joint Venture profits are accounted on the basis of the accounts prepared specially for this purpose and which is duly audited by the Company’s auditor. (e) During the year the Assets held by the Oman Branch have been transferred to India. The related Foreign Currency Translation Reserve has been reversed. 32. The Company is engaged in three segments – ”Construction and Engineering, Oil exploration and Realty Development” including businesses acquired on account of new acquisitions. The revenue from oil exploration and realty development are less than threshold limit of 10% and hence no disclosure of separate segment reporting is made in terms of Accounting Standard (AS-17). The Group although operates on a worldwide basis across the globe, they operate in two principal geographical areas of the world in India and the other countries. The following table presents the break-up of the revenues and assets regarding the geographical. Particulars Amount (` in Crores) Percentage (%) Domestic Overseas Total Domestic Overseas Segment Revenue 5,995.50 2,848.14 8,843.64 67.79 32.21 (4,758.21) (2,309.42) (7,067.63) (67.32) (32.68) Segment Asset 9,910.32 3,442.63 13,352.95 74.22 25.78 (7,577.92) (4,034.24) (11,612.16) (65.26) (34.74) Capital Expenditure 4,455.23 1,010.16 5,465.39 81.52 18.48 (Previous period figures in brackets) (3,359.07) (1,264.47) (4,623.54) (72.65) (27.35) 33. The Related Party Disclosure pertaining to the group related parties as required by Accounting Standard (AS) 18 ‘Related Party Disclosures’ is annexed to these Notes as Annexure-1. 34. Figures pertaining to the subsidiary companies and joint venture acquired during the previous year and the other companies have been reclassified wherever necessary to bring them in line with the Company’s financial statements. 35. Previous period figures are regrouped and rearranged wherever necessary to facilitate limited comparability with that of current period. 36. Annexure I forms an integral part of these financial statements. As per our attached report of even date For Natvarlal Vepari & Co. Chartered Accountants Firm Registration No. 106971W N. JAYENDRAN Partner M. No. 40441 A NNUAL R EPORT I 2010/11 For and on behalf of the Board of Directors ABHIJIT RAJAN ROHIT MODI Chairman & Managing Director Deputy Managing Director C. C. DAYAL D. C. BAGDE Director Executive Director GIRISH BHAT GITA BADE Chief Financial Officer Company Secretary Mumbai, Dated : 19 th August, 2011 Mumbai, Dated : 19 th August, 2011
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Contents A NNUAL R EPORT I 2010/11
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Gammon House the second largest con
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4 Board of Directors Mr. Peter Gamm
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6 A NNUAL R EPORT I 2010/11 Beas Br
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8 Sohar Jetty, Oman A NNUAL R EPORT
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10 Region-wise Projects as on 31st
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12 Financial Highlights of the deca
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14 A NNUAL R EPORT I 2010/11 Off-Sh
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6000 5000 4000 3000 2000 1000 0 16
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18 Key Projects Chennai Metro Proje
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20 Public Private Partnership Proje
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Pebble Bay at Dollars Colony, Benga
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Your Directors have pleasure in pre
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Option Scheme-2007 of erstwhile ATS
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Considering the continuous scarcity
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Statement showing details of Option
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Name and Designation of Director Mr
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(a) AUDIT COMMITTEE : The Audit Com
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Name, Designation and Address of Co
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(iii) Approval of the Members sough
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6. MEANS OF COMMUNICATION : (a) Fin
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STOCK PERFORMANCE IN COMPARISION TO
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18. Widening & strenghtening of exi
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CEO/CFO CERTIFICATION To The Board
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after USA and China. Indian road ne
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(a) Thermal power: In the present s
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• Growing urbanization has also r
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The Company sees immense opportunit
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The operative margin for financial
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4. Your Company has entered into Jo
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4. Patna Highway Projects Limited (
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VI. NON-FINANCIAL ORGANISATIONAL IN
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A uditors' report to the M e M bers
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A nnexure to the A uditors' report
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Name of the Statute State Nature of
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PROFIT AND LOSS ACCOUNT FOR THE YEA
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SCHEDULES FORMING PART OF BALANCE S
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SCHEDULE 5 FIXED ASSETS (` in Crore
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Face Value Nos. as on Nos. as on 31
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As at 31 st March, 2011 As at 31 st
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2010-2011 2009-2010 ` in Crores ` i
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(c) Depreciation on revalued compon
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9.95% - Redeemable Non-Convertible
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(b) Sundry Debtors include the foll
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13. In respect of the road projects
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20. Additional information pursuant
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23. The Company is engaged mainly i
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33. The balance with The Freyssinet
Page 98 and 99: (d) Transactions of Oman Branch and
Page 100 and 101: SCHEDULE - 1 Related Party Disclosu
Page 102 and 103: Nature of Transactions/Relationship
Page 104 and 105: Nature of Transactions/Relationship
Page 106 and 107: BALANCE SHEET ABSTRACT OF COMPANY
Page 108 and 109: Metropolitan Infrahousing Private L
Page 110 and 111: Patliputra Highway Limited * Patna
Page 112 and 113: Gammon Holdings B.V. Gammon Interna
Page 114 and 115: Sr. No. Particulars No. of shares/
Page 116 and 117: existing at the date of preparation
Page 118 and 119: CONSOLIDATED PROFIT AND LOSS ACCOUN
Page 120 and 121: C. CASH FLOW FROM FINANCING ACTIVIT
Page 122 and 123: SCHEDULE 4 FIXED ASSETS (` in Crore
Page 124 and 125: As at 31 st March, 2011 As at 31 st
Page 126 and 127: April 10 - March 11 April 09 - Marc
Page 128 and 129: The cash compensation on account of
Page 130 and 131: 10. Investments Investments are cla
Page 132 and 133: When the hedge concerns the fair va
Page 134 and 135: Name of Subsidiaries Country of Inc
Page 136 and 137: (b) In Case of Sofinter the financi
Page 138 and 139: The particulars of Investment in As
Page 140 and 141: K. SOFINTER: The loan envisages the
Page 142 and 143: 12. Retention Bonus for employees:
Page 144 and 145: (b) In respect of the road projects
Page 146 and 147: (b) In respect of currency swap der
Page 150 and 151: Annexure I Related party Disclosure
Page 152: vakils
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Annual Report 2010-2011 - Gammon India

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